Re-envisioning Customer Value, a report from the Economist Intelligence Unit, indicates that popularity of social media can reshape customer engagement strategies.

Businesses require more than measures of customer value that focus solely on transaction activity because it shows only a fraction of an individual's behaviour and potential value.

According to business analytics specialist SAS, today, businesses need a technology that can maximise social media efforts.

"Many organisations are questioning how they account for value," said Jonathan Hornby, marketing director at SAS. "Instead of focusing on revenue or profit associated with an individual's or household's transactions, organisations are now starting to think about the value of influence and collaboration - particularly given the growth of social media."